House Committee on Financial Services completes markup of bills to reform NFIP

On June 21, the House Financial Services Committee met to complete deliberation and pass several bills to reform and reauthorize the National Flood Insurance Program (NFIP), which is set to expire on Sept. 30, 2017. The committee passed five bills, two with full committee support. These two bills, the National Flood Insurance Program Administrative Reform Act and the Flood Insurance Market Parity and Modernization Act would make administrative reforms to the program to increase fairness and accuracy and would clarify that flood insurance policies written by private companies would satisfy the mandatory purchase requirement. The next major step in reauthorizing the program will be the rollout of proposals from Senate Banking Committee chairman Mike Crapo (R-Idaho) and ranking member Sherrod Brown (D-Ohio).